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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Mortgages of quota

146: Discharge of mortgage

You could also call this:

"What happens when you pay off a mortgage on your fishing quota shares"

Illustration for Fisheries Act 1996

You have a mortgage on your quota shares. If you pay off the mortgage, the lender must give you a discharge document. This document says the mortgage is finished to the extent that you have paid it off. When this document is registered, it frees your quota shares from the mortgage.

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Part 8Registration of transfers, mortgages, caveats, etc
Mortgages of quota

146Discharge of mortgage

  1. If the sum secured by a mortgage has been paid off either wholly or in part, or if for any other reason the mortgagee has become bound to discharge the mortgage, the mortgagee must execute a memorandum of discharge in the approved form.

  2. A memorandum of discharge, when registered under this Act, discharges the quota shares from the mortgage to the extent specified in that memorandum.

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Notes
  • Section 146(1): amended, on , by section 16 of the Fisheries (Remedial Issues) Amendment Act 2001 (2001 No 33).